From the course: How Blockchains Will Change Business

Unlock the full course today

Join today to access over 22,500 courses taught by industry experts or purchase this course individually.

Streamlined enforcement: Self-executing smart contracts and programmable assets

Streamlined enforcement: Self-executing smart contracts and programmable assets

From the course: How Blockchains Will Change Business

Start my 1-month free trial

Streamlined enforcement: Self-executing smart contracts and programmable assets

“

- It seems like technology is making its way into everything around us. We have smart lighting, smart doorbells, my dog even has a smart collar. What about smart contracts? Blockchains are a safe secure way to exchange pretty much anything of value on the internet, but things get really interesting when you can put self-executing rules around the circumstances under which value is exchanged. This is done through something called a smart contract which sits on top of the blockchain and automatically executes transactions based on preset instructions. An easy way to picture this and how it works is to pretend that you and I have a bet on the highest temperature that your nearest city will reach tomorrow and the winner gets one bitcoin which is a form of digital money. We could put the terms into a smart contract, which would check the weather for us at the appointed time using a source that we've agreed upon and…

Contents